Question

Constructing and Analyzing Balance Sheet Amounts from Incomplete Data Selected balance sheet amounts for 3M Company,...

Constructing and Analyzing Balance Sheet Amounts from Incomplete Data Selected balance sheet amounts for 3M Company, a manufacturer of consumer and business products, for three recent years follow.

$ millions Current Assets Long-Term Assets Total Assets Current Liabilities Long-Term Liabilities Total Liabilities Stockholders’ Equity*

2013 $12,733 $ $33,550 $ ? $ 8,104 $15,602 $17,948

2014   12,303 18,906 ? 5,964 12,103 ? 13,142

2015 ? 21,732 32,718 7,118 13,853 20,971 ?

a. Compute the missing balance sheet amounts for each of the three years shown.

b. What types of accounts would we expect to be included in current assets? In long-term assets?

Homework Answers

Answer #1

a) Compute the missing balance sheet

Year Current assets long term assets Total assets Current liabilities Long term liabilities Total liabilities Stockholder's equity
2013 12733 33550-12733 = 20817 33550 15602-8104 = 7498 8104 15602 17948
2014 12303 18906 12303+18906 = 31209 5964 12103 5964+12103 = 18067 13142
2015 32718-21732 = 10986 21732 32718 7118 13853 20971 11747

b)

Current assets Long term assets
Cash Long term investment
Account receivable office equipment
Office supplies Building
Prepaid expense Furniture
Inventory Other assets
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